[Federal Register Volume 61, Number 183 (Thursday, September 19, 1996)]
[Notices]
[Pages 49373-49374]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24056]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37677; File No. SR-OCC-96-12]


Self-Regulatory Organizations; the Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Regarding Schedule of Fees

September 13, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on September 9, 1996, The 
Options Clearing Corporation (``OCC'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change as 
described in Items I, II, and III below, which items have been prepared 
primarily by OCC. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. Sec. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change amends OCC's schedule of fees to increase 
the price at which certain brochures are sold to the public.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, OCC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. OCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such 
statements.\2\
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    \2\ The Commission has modified parts of these statements.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    OCC and its five participant exchanges collaborate to write, 
distribute, and print four generic exchange brochures: the Directory of 
Exchange Listed Options; LEAPS (long term equity anticipation 
securities) (in which the New York Stock Exchange does not 
participate); Taxes and Investing; and Understanding Stock Options. 
Currently, these brochures are sold to the public either individually 
at $.60 each or at $.50 each for orders greater than 100. This pricing 
structure has been in place since the late 1980s.
    OCC is proposing to increase the price structure of these brochures 
to $1.00 each or $.90 each for orders greater than 100 in light of 
rising printing and fulfillment costs. The proposed fee change is based 
on current average printing and fulfillment costs for these brochures. 
Accordingly, OCC will amend its schedule of fees to reflect this fee 
increase.
    The proposed rule change is consistent with the requirements of 
Section 17A of the Act \3\ in that it allocates reasonable fees in an 
equitable manner in that it reflects OCC's current

[[Page 49374]]

printing and fulfillment costs for the four brochures.
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    \3\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would impose any 
burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    Written comments were not and are not intended to be solicited with 
respect to the proposed rule change, and none have been received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective on filing pursuant 
to Section 19(b)(3)(A)(ii) of the Act \4\ and pursuant to Rule 19b-
4(e)(2) thereunder \5\ as it concerns a change in fees. At any time 
within sixty days of the filing of this proposed rule change, the 
Commission may summarily abrogate such rule change if it appears to the 
Commission that such action is necessary or appropriate in the public 
interest, for the protection of investors, or otherwise in furtherance 
of the purposes of the Act.
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    \4\ 15 U.S.C. Sec. 78s(b)(3)(A)(ii) (1988).
    \5\ 17 CFR 240.19b-4(e)(4)(2) (1996).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for inspection and copying in the 
Commission's Public Reference Section, 450 Fifth Street, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of OCC. All 
submissions should refer to File No. SR-OCC-96-12 and should be 
submitted by October 10, 1996.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12) (1996).
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Jonathan G. Katz,
Secretary.
[FR Doc. 96-24056 Filed 9-18-96; 8:45 am]
BILLING CODE 8010-01-M